Algeria publishes finance law for 2024 introducing new local solidarity tax
On 31 December 2023, Algeria's Ministry of Finance published the Finance Law for 2024 in the Official Gazette. The Finance Law for 2024 eliminates the 1.5% tax on professional activity (TAP) and introduces the new local solidarity tax
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Turkey revises individual income tax rates for 2024
On 30 December 2023, Turkey released the Income Tax General Communiqué No. 324 in the Official Gazette, which outlines the new individual income tax rates for 2024. The following tax brackets and rates apply to employment income: Up to TRY
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Egypt: Taxpayers must register their branches for VAT
On 27 December, the Egyptian Tax Authority announced in a release that all taxpayers who are required to register for VAT must also ensure that all of their branches are registered for VAT. Additionally, VAT registration certificates must be
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Turkey announces new R&D incentives for technology development zones
On 16 December 2023, Turkey published Presidential Decision No. 7953 in the Official Gazette, outlining new thresholds and rates aimed at supporting research and development (R&D) activities for taxpayers operating within technology development
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UAE: FDA issues guidance on corporate tax for natural persons
On 24 December 2023, the UAE Federal Tax Authority (FTA) issued a release about publishing a guide outlining criteria for determining natural persons subject to Corporate Tax and their compliance requirements. The law came into effect on 1 June
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UAE: FTA publishes guidance on taxation of extractive business and non-extractive natural resource business
On 12 December 2023, the UAE Federal Tax Authority (FTA) provided the Corporate Tax Guide on Taxation of Extractive Business and Non-Extractive Natural Resource Business - CTGEPX1. This guide is designed to provide general guidance on Extractive
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Algeria announces supplementary finance law for 2023
In November 2023, Algeria published the Supplementary Finance Law for 2023 in the Official Gazette. The key tax measures of the law include: A new transfer pricing declaration obligation has been introduced, requiring taxpayers to submit an
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Saudi Arabia: Government offers 30-year tax relief package to attract regional corporate headquarters
On 5 December 2023, the Ministry of Investment of Saudi Arabia (MISA), in coordination with the Ministry of Finance and the Zakat, Tax and Customs Authority (ZATCA) announced 30-year tax incentive package for the Regional Headquarters (RHQ) Program,
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Nigeria: FIRS offers waiver of penalties and interest on tax liabilities
On 3 December 2023, Nigeria's Federal Inland Revenue Service (FIRS) announced in a public notice that it is offering a full waiver of penalties and interest on all outstanding tax liabilities. The waiver only applies if all outstanding tax
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Turkey extends tax compliance deadline in earthquake affected areas
On 29 November 2023, Turkey announced the extension of the force majeure period until 30 April 2024 in earthquake affected areas hit by 6 February 2023. This extension impacts tax-related deadlines: Tax returns and declarations from 6 Feb 2023
See MoreWorld Health Organisation: Launch of Technical Manual on Alcohol Tax Policy and Administration
On 5 December 2023 a webinar was held to launch the WHO technical manual on alcohol tax policy and administration. See: WHO technical manual on alcohol tax policy and administration . Rudiger Krech, the director of health promotion at the WHO,
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UN Adopts Resolution to Set Up a Framework Convention on Tax
On 22 November 2023 the UN general assembly adopted a resolution to commence the process of setting up a framework convention on tax. The framework convention could ensure that the UN is the main body for decision-making on international tax
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UAE amends corporate tax law for global minimum tax implementation
On 24 November 2023, the United Arab Emirates released the Federal Decree Law No. 60 of 2023 in the Official Gazette with amendments to selected provisions of Federal Decree-Law No. 47 of 2022 (the Corporate Tax Law). The amendments are made as
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Kuwait joins the inclusive framework on BEPS
On 15 November 2023, the Organization for Economic Cooperation and Development (OECD) announced that Kuwait joined the inclusive framework on Base Erosion and Profit Shifting (BEPS). Through its membership, Kuwait has also committed to
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Turkey increases annual deferred interest rate from November 2023
On 14 November 2023, the Turkish Revenue Administration announced that the annual deferred interest rate has been increased from 24% to 36% in accordance with the General Communiqué on Collection of Serial: C Sequence No: 7. The deferred interest
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UAE: FTA publishes corporate tax guide on foreign source of income
On 6 November 2023, the Federal Tax Authority (FTA) of the United Arab Emirates (UAE) released the Corporate Tax Guide on Taxation of Foreign Source Income - CTGFSI1. The guide includes: Definition and examples of foreign source income
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Turkey increases late tax payment interest rate
On 14 November 2023, the Turkish Revenue Administration issued Presidential Decision No. 7782, through which the late tax payment interest rate has been increased from 2.5% to 3.5% per month. The previous rate was applicable from 21 July 2022, and
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UAE: FTA publishes corporate tax guide on accounting standards
On 6 November 2023, the Federal Tax Authority (FTA) of the United Arab Emirates (UAE) released the Corporate Tax Guide on Accounting Standards and Interaction with Corporate Tax - CTGACS1. This guide provides general guidance on the interaction of
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